Section 2: Duty to report international transfer of funds and securities. (As amended by Money Laundering (Prohibition) (Amended) Act, 2012)

(1) A transfer to or from a foreign country of funds or securities by a person or body corporate including a Money Service Business of a sum exceeding US$10,000 or its equivalent shall be reported to the Central Bank of Nigeria, Securities and Exchange Commission or the Commission in writing within 7 days from the date of the transaction.
(2) A report made under sub-section (1) of this section shall indicate the nature and amount of the transfer, the names and addresses of the sender and the receiver of the funds or securities.
(3)
Transportation of cash or negotiable instruments in excess of US$10,000 or its equivalent by individuals in or out of the country shall be declared to the Nigerian Customs Service.
(4) The Nigerian Customs Service shall report any declaration made pursuant to sub-section (3) of this section to the Central Bank and the Commission.
(5) Any person who falsely declares or fails to make a declaration to the Nigerian Customs Service pursuant to section 12 of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, commits an offence and shall be liable on conviction to forfeit the undeclared funds or negotiable instrument or to imprisonment of not less than 2 years or to both. (As amended by Money Laundering (Prohibition) (Amended) Act, 2012)